System will benefit contractors and accelerate the progress of various projects across the emirate
Sharjah, 14th of March 2016
Sharjah Central Finance Department (SFD) has announced the implementation of an efficient payment processing system that reduces the time it takes to process payments in half, helping contractors and suppliers to save time and meet their obligations more quickly.
The announcement was made during a press conference that was held by the Sharjah Central Finance Department at its headquarters in Sharjah in the presence of HE Eng. Khalifa Al Tunaiji, Member of the Executive Council of Sharjah and Chairman of the Directorate of Housing in Sharjah, HE Waleed Al Sayegh, Director General of the Sharjah Central Finance Department, and a number of officials, representatives of contracting companies and media representatives.
The Sharjah Central Finance Department will collaborate with the Directorate of Housing to pay the contractors who execute projects for the Government of Sharjah. The payment processing time will take only 45 days from the date of the payment approval from the consultant and the ratification from the online Takamul programme.
Speaking on the occasion, HE Waleed Al Sayegh said: "The role of the SFD is not only to manage the financial affairs and government accounts in the emirate of Sharjah, but also to advance growth through improving government performance, updating the financial system, and streamlining the procedures related to expenditures and revenues."
The new payment system is being implemented under the directives of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to speed up and simplify payment processes in order to complete projects in the emirate more effectively.
The new payment system will also boost competitiveness among contractors and enable them to deliver the projects according to schedule. It will, also, give momentum to the emirate's development efforts and attract larger numbers of leading contractors to carry out the projects according to the highest engineering and technical levels.
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© Press Release 2016